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  • Soros insider trading case to be reviewed
    it over After studying the offer he declined A few days later he had his investment company buy 50m worth of shares in four French companies including the bank and subsequently sold some of the stock The case took 14 years to come to trial because of delays securing information from the Netherlands Britain Luxembourg and Switzerland At the time of the trial his lawyers argued that the delay in bringing the case to court was unreasonable and infringed the European human rights convention Mr Soros was found guilty of insider trading in 2002 allegations he has always denied and received a fine of 2 2m no more than his profits from the trades which was reduced on appeal in 2007 to 940 507 He lodged a complaint against his conviction with the European Court of Human Rights in December 2006 and on Wednesday a chamber of seven judges decided that his application to have the case reviewed was at least partly admissible Mr Soros had launched a complaint under article seven of the Convention of Human Rights in which he alleged the law applicable at the relevant time had been too unclear for him to realise that he was

    Original URL path: http://www.911omissionreport.com/soros_insider_trading.html (2016-02-14)
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  • Who 'made $10bn on 10/1 bet that U.S. credit rating would be downgraded'?
    in the futures market or if the bet happened at all There were mounting rumours that investor George Soros 80 famously known as the man who broke the Bank of England could be involved He made more than 1billion on currency speculation when the British pound left the Exchange Rate Mechanism on Black Wednesday in 1992 But a source with knowledge of the firm said Soros was not involved in the rumoured trade and questioned whether in fact there had been such a trade at all The latest bet was made on July 21 on trades of 5 370 ten year Treasury futures and 3 100 Treasury bond futures reported ETF Daily News Now the investor s gamble seems to have paid off after Standard and Poor s issued a credit rating downgrade from AAA to AA last Friday Whoever it is stands to earn a 1 000 per cent return on their money with the expectation that interest rates will be going up after the downgrade The link has been made to Mr Soros in part because he has been tied to President Obama s administration since 2008 reported The Examiner He also recently stopped managing money for outside

    Original URL path: http://www.911omissionreport.com/soros_bet.html (2016-02-14)
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  • Warren Buffett No. 2's “Inside Trade” Wasn’t Illegal And Shouldn’t Be Prosecuted, Says Tamny
    from bankers that Berkshire buy Lubrizol Sokol bought the stock himself before taking the idea to Buffett In so doing many argue he put his own personal interest ahead of Berkshire Hathaway s He also arguably traded while in possession of material non public information that Berkshire might consider buying the company But Sokol s trade didn t hurt anyone argues John Tamny the editor of Real Clear Markets And

    Original URL path: http://www.911omissionreport.com/buffett_no_2.html (2016-02-14)
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  • Drug money saved banks in global crisis, claims UN advisor
    at times of crisis It will also prompt further examination of the banking sector as world leaders including Barack Obama and Gordon Brown call for new International Monetary Fund regulations Speaking from his office in Vienna Costa said evidence that illegal money was being absorbed into the financial system was first drawn to his attention by intelligence agencies and prosecutors around 18 months ago In many instances the money from drugs was the only liquid investment capital In the second half of 2008 liquidity was the banking system s main problem and hence liquid capital became an important factor he said Some of the evidence put before his office indicated that gang money was used to save some banks from collapse when lending seized up he said Inter bank loans were funded by money that originated from the drugs trade and other illegal activities There were signs that some banks were rescued that way Costa declined to identify countries or banks that may have received any drugs money saying that would be inappropriate because his office is supposed to address the problem not apportion blame But he said the money is now a part of the official system and had been effectively laundered That was the moment last year when the system was basically paralysed because of the unwillingness of banks to lend money to one another The progressive liquidisation to the system and the progressive improvement by some banks of their share values has meant that the problem of illegal money has become much less serious than it was he said The IMF estimated that large US and European banks lost more than 1tn on toxic assets and from bad loans from January 2007 to September 2009 and more than 200 mortgage lenders went bankrupt Many major institutions either

    Original URL path: http://www.911omissionreport.com/drug_money.html (2016-02-14)
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  • U.S. Report Details Money Laundering
    regulations against money laundering at banks and revoking exemptions for lawyers and other third parties from restrictions on money laundering in the USA Patriot Act It recommends that Congress pass laws requiring people who form corporations to disclose the true owners The report brimming with bank statements and internal e mail messages contains four case studies Together these four case histories demonstrate the need for the United States to strengthen its PEP controls to prevent corrupt foreign officials their relatives and close associates from using U S professionals and financial institutions to conceal protect and utilize their ill gotten gains it says The report details how Teodoro Nguema Obiang the son of Teodoro Obiang Nguema Mbasogo the president of Equatorial Guinea used lawyers bankers real estate agents and escrow agents all Americans from 2004 through 2008 to move more than 110 million into the United States including 100 million through Wachovia and Citibank Mr Obiang the subject of a criminal investigation into charges of money laundering bribery and extortion also employed Sidley Austin Brown Wood a law firm now known as Sidley Austin to help him buy a 38 5 million Gulfstream G 5 jet in 2005 the report says Janet Zagorin a spokeswoman for the firm did not return telephone calls seeking comment The report says two American lawyers Michael Berger and George Nagler helped Mr Obiang circumvent controls at the banks by setting up accounts for shell companies with names like Beautiful Vision Unlimited Horizon and Sweet Pink named on honor of the rapper Eve Mr Obiang s girlfriend at the time Mr Obiang Equatorial Guinea s minister of agriculture and forestry used the accounts to pay his personal expenses including chefs and butlers for his home in Malibu Calif and bills at Ferrari of Beverly Hills and

    Original URL path: http://www.911omissionreport.com/money_laundering.html (2016-02-14)
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  • Banks Financing Mexico Gangs Admitted in Wells Fargo Deal
    Wachovia s former anti money laundering efforts fell short spokeswoman Mary Eshet says Wells Fargo has invested 42 million in the past three years to improve its anti money laundering program and has been working with regulators she says Significantly Upgraded We have substantially increased the caliber and number of staff in our international investigations group and we also significantly upgraded the monitoring software Eshet says The agreement bars the bank from contesting or contradicting the facts in its admission The bank declined to answer specific questions including how much it made by handling 378 4 billion including 4 billion of cash from Mexican exchange companies The 1970 Bank Secrecy Act requires banks to report all cash transactions above 10 000 to regulators and to tell the government about other suspected money laundering activity Big banks employ hundreds of investigators and spend millions of dollars on software programs to scour accounts No big U S bank Wells Fargo included has ever been indicted for violating the Bank Secrecy Act or any other federal law Instead the Justice Department settles criminal charges by using deferred prosecution agreements in which a bank pays a fine and promises not to break the law again No Capacity to Regulate Large banks are protected from indictments by a variant of the too big to fail theory Indicting a big bank could trigger a mad dash by investors to dump shares and cause panic in financial markets says Jack Blum a U S Senate investigator for 14 years and a consultant to international banks and brokerage firms on money laundering The theory is like a get out of jail free card for big banks Blum says There s no capacity to regulate or punish them because they re too big to be threatened with failure Blum says They seem to be willing to do anything that improves their bottom line until they re caught Wachovia s run in with federal prosecutors hasn t troubled investors Wells Fargo s stock traded at 30 86 on March 24 up 1 percent in the week after the March 17 agreement was announced Moving money is central to the drug trade from the cash that people tape to their bodies as they cross the U S Mexican border to the 100 000 wire transfers they send from Mexican exchange houses to big U S banks Doesn t Stop Anyone In Tijuana 15 miles south of San Diego Gustavo Rojas has lived for a quarter of a century in a shack in the shadow of the 10 foot high 3 meter high steel border fence that separates the U S and Mexico there He points to holes burrowed under the barrier They go across with drugs and come back with cash Rojas 75 says This fence doesn t stop anyone Drug money moves back and forth across the border in an endless cycle In the U S couriers take the cash from drug sales to Mexico as much as 29 billion a year according to U S Immigration and Customs Enforcement That would be about 319 tons of 100 bills They hide it in cars and trucks to smuggle into Mexico There cartels pay people to deposit some of the cash into Mexican banks and branches of international banks The narcos launder much of what s left through money changers The Money Changers Anyone who has been to Mexico is familiar with these street corner money changers Mexican regulators say there are at least 3 000 of them from Tijuana to Cancun usually displaying large signs advertising the day s dollar peso exchange rate Mexican banks are regulated by the National Banking and Securities Commission which has an anti money laundering unit the money changers are policed by Mexico s Tax Service Administration which has no such unit By law the money changers have to demand identification from anyone exchanging more than 500 They also have to report transactions higher than 5 000 to regulators The cartels get around these requirements by employing legions of individuals including relatives maids and gardeners to convert small amounts of dollars into pesos or to make deposits in local banks After that cartels wire the money to a multinational bank The Smurfs The people making the small money exchanges are known as Smurfs after the cartoon characters They can use an army of people like Smurfs and go through 1 million before lunchtime says Jerry Robinette who oversees U S Immigration and Customs Enforcement operations along the border in east Texas The U S Treasury has been warning banks about big Mexican currency exchange firms laundering drug money since 1996 By 2004 many U S banks had closed their accounts with these companies which are known as casas de cambio Wachovia ignored warnings by regulators and police according to the deferred prosecution agreement As early as 2004 Wachovia understood the risk the bank admitted in court Despite these warnings Wachovia remained in the business One customer that Wachovia took on in 2004 was Casa de Cambio Puebla SA a Puebla Mexico based currency exchange company Pedro Alatorre who ran a Puebla branch in Mexico City had created front companies for cartels according to a pending Mexican criminal case against him Federal Indictment A federal grand jury in Miami indicted Puebla Alatorre and three other executives in February 2008 for drug trafficking and money laundering In May 2008 the Justice Department sought extradition of the suspects saying they used shell firms to launder 720 million through U S banks Alatorre has been in a Mexican jail for 2 1 2 years He denies any wrongdoing his lawyer Mauricio Moreno says Alatorre has made no court filed responses in the U S During the period in which Wachovia admitted to moving money out of Mexico for Puebla couriers carrying clear plastic bags stuffed with cash went to the branch Alatorre ran at the Mexico City airport according to surveillance reports by Mexican police Alatorre opened accounts at

    Original URL path: http://www.911omissionreport.com/financing_gangs.html (2016-02-14)
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  • Ex-Nasdaq chair arrested on securities fraud charge in NYC; accused of $50B 'Ponzi scheme'
    at least 50 billion Madoff told the employees he was finished that he had absolutely nothing that it s all just one big lie and it was basically a giant Ponzi scheme according to the complaint filed in court The employees understood Madoff s admission to mean that he had for years been paying returns to certain investors out of the principal received from other different investors said the complaint which did not identify the investors impacted by the scheme Cacioppi said one of the employees told him that Madoff was cryptic about the firm s investment advisory business and kept its financial statements locked up The FBI agent said another employee told him that Madoff last week had said clients had asked for about 7 billion in redemptions and he was struggling to meet those obligations but thought he could do so Cacioppi said two senior Madoff employees told him that Madoff said during the Wednesday meeting that he planned to surrender to authorities in a week but first wanted to distribute 200 million to 300 million he had left to certain selected employees family and friends Cacioppi said he and another FBI agent arrived Thursday at Madoff s apartment where Madoff invited them in and acknowledged knowing why they were there After I stated We re here to find out if there s an innocent explanation Madoff stated There is no innocent explanation the agent wrote Madoff stated in substance that he had personally traded and lost money for institutional clients and that it was all his fault Cacioppi said The agent wrote that Madoff said he had paid investors with money that wasn t there and that he was broke and insolvent and had decided that it could not go on and that he expected to go

    Original URL path: http://www.911omissionreport.com/nasdaq_ponzi_scheme.html (2016-02-14)
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  • BofA unit agrees to pay $137M in muni bond case
    to settle allegations by federal and state authorities that it made illegal payments to win business from towns and cities looking to invest proceeds from municipal bond sales The Securities and Exchange Commission and other regulators announced the settlements with Banc of America Securities The securities unit agreed to pay 36 million in restitution to settle the SEC s civil fraud charges and 101 million to other federal and state

    Original URL path: http://www.911omissionreport.com/bofa_137mil.html (2016-02-14)
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